Key Insights
- Memecoins are a lot like regular cryptocurrencies, except that they are a lot simpler.
- Before writing a single line of code or even touching blockchains, you need some form of meme concept.
- Once you have your meme idea locked in, you need to choose the right platform (or blockchain) to bring your idea to life.
- To allow trading, you’ll need to pair your token with another coin like ETH or BNB on a DEX (like Uniswap, PancakeSwap, or Raydium).
- Community, transparency and following the rules are very important parts of any memecoin’s success.
Memecoins are a lot like regular cryptocurrencies, except that in terms of tokenomics and how to create them, they are a lot simpler.
They are a lot unlike regular cryptocurrencies, which need to have some form of real-world use case.
Instead, they are based on memes (as their name implies) and rely on community sentiment for their price action.
From Dogecoin to Shiba Inu, memecoins have created a name for themselves against almost impossible odds, and are now a multi-billion dollar market.
However, have you ever thought of creating your own?
Step 1: The Meme Is the Message
Creating a memecoin is a lot more doable than you might think. Everything from coming up with the meme idea to community building and marketing doesn’t have to be one giant headache.
Before writing a single line of code or even touching blockchains, you need some form of meme concept.
This is the soul of the coin, and will be very important in the future.
Start by choosing a meme.
Think of a funny or viral meme that may (or may not be) culturally relevant.
Just keep in mind that the more relatable the meme is, the better.
Next, pick a catchy name and a simple ticker symbol (like $DOGE or $PEPE) and remember to keep it short and memorable.
Most memecoins do not offer serious utilitty, so don’t overthink it. They succeed because people love the joke and feel part of a community.
With this in mind, you can add fun features like voting rights, community rewards and so on.
Finally, you should know your audience. Are you appealing to cat lovers? Which age group are you looking to target? Identify your niche and speak to them in their language.
Step 2: Bring It to Life with Blockchain
Once you have your meme idea locked in, it is time to choose the right platform (or blockchain) to bring your idea to life.
Ethereum on one hand, is popular and well supported. However, its fees can be on the high side, which is why many developers tend to choose other chains.
The Binance Smart Chain (BSC) is cheaper and faster than Ethereum. It is also very beginner friendly and can be a good idea for your meme project.
Solana is known for its speed and low cost of transactions, and is therefore the first choice for many memecoin deployers.
The Solana network also has launchpads like Pump.fun, created specially for memecoins.
On the other hand, you can choose L2s like Polygon and Base if you see the appeal of Ethereum, and want to bypass its heavy fee structure.
Next, get to writing the smart contracts, which is the code that defines your coin’s rules.
This contract will define how many tokens will ever exist, whether there are transaction fees and if holders get rewards.
Other major aspects to be included in the smart contract include the total supply, the number of decimals the token is expected to have, as well as extras like burns, taxes, or reflections.
You will need to write your smart contracts in the Solidity programming language for networks like Ethereum, Polygon and Base.
Networks like Solana and Cardano on the other hand, work on the Rust programming language.
If you do not have the skills, or want to bypass the issues of smart contract writing, you can simply use platforms like Pump.fun on Solana or SunPump on Tron.
If you choose to write the smart contracts instead, you’ll need to test them and them deploy to your chosen blockchain.
Remember to use a crypto wallet like MetaMask or Phantom to hold and manage your new token.
Step 3: Get It in People’s Hands
Your coin is now live, and it is time to distribute it to people and make it tradable.
You can release your coin on a decentralized exchange (DEX) and let everyone buy in at the same time. This is great for building trust, and showing that you are a transparent creator.
You can also choose to give away free tokens via airdrops to create buzz and get people talking.
Remember to reward users who help fund the trading pool with tokens and create a Liquidity Pool.
To allow trading, you’ll need to pair your token with another coin like ETH or BNB on a DEX (like Uniswap, PancakeSwap, or Raydium).
Deposit equal values of both tokens into the pool, so people can trade them easily.
Step 4: Build the Community and Go Viral
As mentioned before, community is a very important part of any memecoin’s success.
Consider building a presence to promote your memecoin.
A website is a good place to start, alongside platforms like X (Twitter), Reddit, Telegram, and Discord.
Consider designing a brand with a fun logo, recognizable visuals and a clear tone of voice make your project more shareable.
Also post regularly, respond to comments, run contests and include your community in decisions.
Make them feel like they own part of the journey.
You also cannot do the marketing part alone. Try to reach out to influencers and collaborate with other meme pages to keep the vibe fun.
Step 5: Stay Safe and Play by the Rules
Memecoins have created a name for themselves over the years as the “wild west of crypto”.
However, there are important legal (and security) steps to consider following.
Make sure that you understand the crypto laws in your country, and stick to them.
Some jurisdictions have strict rules about token launches and how to protect investors.
As such, be sure to keep some of these things in mind before jumping into the deep end.
You should consider hiring a reputable third-party firm to check your code for bugs, before deployment.
Finally, remember to keep your community informed about your plans.
Keep your tokenomics open as transparency is great for building trust and avoiding FUD (fear, uncertainty, and doubt).
Fun, Risky and Full of Possibilities
Creating a memecoin involves creativity, tech savviness (at least to some extent) and marketing.
Like most other things in the crypto space, jumping into such murky waters like memecoin creation is a gamble.
However, if you do things right, your memecoin could become a viral success.
